REAL ESTATE GUIDE
4 Mildura Weekly – 18/07/14
THE topic of home renova-
tions is ever-popular. The
theme is discussed in living
rooms across the State and
indeed the country – and it
has also found its way on to
television screens, through a
range of popular programs.
While it is tempting to
undertake major upgrades
to the home that we own,
or even to invest in a house
or unit that needs work, care
needs to be taken to target
work that will deliver the best
return on investment.
The key to value adding
– that is, increasing a home’s
value through changes and
improvements – is not only
the cost of those changes,
but the building’s potential.
Buying a home to renovate
for profit, whether to sell on
immediately or live in for
some time after it is done up,
should begin with the same
thorough research as any
property purchase.
It is not simply a matter
of surveying the building to
work out what needs to be
done – though of course this
is essential as the need for
major structural work, rewir-
ing and re-plumbing may not
be immediately obvious.
A good starting point is
the location. What are other
homes worth in your local
town, and even in the street?
Check prices for homes that
need work, and then for
those that have been partially
or fully renovated.
You can find these results
online, including at www.
reiv.com.au . (under property
research / median prices).
You can also attend local
open for inspections or call
your local agent. If you are
getting advice from an agent
on a home that needs work,
ask them to estimate the
potential selling price if the
property was improved.
It’s important to also
prepare a budget for the
improvements, remember-
ing that if renovating to sell,
work does have to be to the
standard that buyers expect.
It’s also worth being reason-
ably realistic when estimat-
ing the total cost. One of the
surest things about renova-
tions is that they are likely to
cost more than you originally
intended.
There is also truth in the
old saying about buying the
worst house in the best street.
If you create a beautiful
home in an undesirable loca-
tion – for example on a main
road, or in an industrial area,
or one with a high crime
rate – you may risk spending
more than you can recoup.
Develop several scenar-
ios. For example, painting
and cosmetic improvements;
changing the layout and
modernisation; building an
extension; and check what
price it may bring. Work out
not only what you can afford,
but what would give you the
best return.
By planning ahead, you’ll
ensure that you get the best
outcome – without over-
spending, and most impor-
tantly, getting the best pos-
sible return on your property
investment.
Getting real value
from renovations
feature property
ESTATE
GUIDE
REAL
288 Walnut Ave, Mildura
Price guide $535,000 - $585,000
Inspect
Saturday 11.00-11 .30am
Photo ID Required
Agent
Joe Chisari 0418 596 487
Situated near parkland lies this quality built home that has not left a stone unturned.
Comprising of four generous bedrooms all with BIR's and ensuite to main. Formal
lounge and dining, open plan family/ meals, timber kitchen with induction cooktop,
granite bench tops and dishwasher. Downstairs retreat with theatre room, study and fully
appointed second kitchen and sunroom. Further features include ducted reverse cycle air
conditioning (upstairs), ducted vacuum system, low maintenance, gas heated in-ground
pool ideal for the entertaining lifestyle. This home is truly a rare find.
When Position Meets Perfection
3
4
3
1
1
3
1
23 Reilly Street, Merbein
You won’t find better value on the market than this three bedroom brick veneer property. The ideal first home or
investment, currently on a periodic lease of $230 per week. This property offers a cor ner allotment of approx’
694m2 with dual access, workshop shedding and established gardens. Inside features lounge, dining and two
bedrooms with BIR’s.
For first home owners or investors looking for good yields, you really should consider this property. As a ‘brick
and tile’ it offers you peace of mind knowing that maintenance is kept to a minimum. W ith the rental market at an
all time high and interest rates at an all time low, now is the time to buy. Call into the inspection today and see the
value for yourself!
When It Has To Be Brick
Price $170,000 - $190,000
Inspect Saturday 10:00 - 10:30am
Agent Craig Kerr 0427 700 450
craig.kerr@raywhite.com